The Khurda district and sessions judge court on Thursday completed hearing on the bail plea of former BJD MLA from Keonjhar Subarna Naik, arrested by the CBI in connection with the Odisha chit fund scam, and kept its verdict reserved till December 16.

Subarna Nayak ( pic- Biswaranjan Mishra)

On December 9, the court had put off the bail plea hearing date of Naik for Thursday.

The same court has also deferred the bail plea hearing of Sagar Ray and Vineet Lalani, both city based businessman, to December 18. The hearing date had been deferred as the counsels of Ray and Lalani asked court for more time to submit documents.

The court has also postponed the bail plea hearing of Ashok Pattnaik, Managing Director of Micro Finance Private Limited, to December 22.

The Economic Offence Wing (EOW) of the State Crime Branch on June 4 had arrested Pattnaik on charges of duping depositors of crores of rupees.

On Thursday, the sessions court rejected the bail plea of Deepak Chandratan Parekh, Mumbai-based stock exchange broker in its ruling.

Tthe argument on the bail plea hearing of Anjan Baliarsingh, CMD of Nabadiganta,had remained inclonclusive on Wednesday. The court has fixed December 17 as the date for further augment.